One industry expert has noted that the outlook for term deposits could be a positive one.
Due to rates of more than seven per cent, term deposits have been stealing money from online savings accounts, according to one industry expert.
Adam Beu, financial analyst at Canstar Cannex, said people searching for a new online savings account might be interested that the best ones are paying around 6.5 per cent, News Limited Newspapers reports.
But with the Reserve Bank of Australia likely to increase the interest rate - it currently stands at 4.5 per cent after the organisation decided against raising it last week - in the coming months, he noted, it could be a good outlook for term deposits.
Mr Beu added: "Banks are trying to lock people in for longer terms, which suggests the banks are expecting rates to go up more."
And the publication added that the average rate for a one-year term deposit available from the four major banks over the last three years has been 5.6 per cent.
By Emma North
